New York Markets After Hours

Unraveling market forces IPO delays

NEW YORK--Three IPOs that had been set to launch Wednesday were delayed as slumping stock markets had firms rethinking plans for initial public offerings.

Radius Health Inc. and Silvercrest Asset Management Group Inc. each postponed their prospective debuts, citing market conditions, according to people familiar with the deals' timing. Energy & Exploration Partners Inc. likewise postponed its deal, a third person said, without citing a reason. Each offering was expected to begin trading Wednesday. The people declined to give details on when the companies may try again.

The series of delays comes after turbulence in the broader market triggered similar postponements last week.

Radius, a Boston-based biopharmaceutical company focused on osteoporosis treatments, was originally scheduled to launch in the last week of October. Its offering was pushed forward into election week amid the disruption of superstorm Sandy, then rescheduled again as markets fell following the U.S. vote.

Last week's stock swoon also prompted auctioneer Taylor & Martin Group Inc. to postpone its IPO, with people familiar with the deal citing the rocky market. A flotation from cardiodiagnostics company Singulex Inc. also was postponed.

Despite the recent upheaval, the IPO market has still delivered big first-day pops this year. The average first-day return for 124 IPOs this year is 13.1%, the highest since 2001, according to Dealogic, which tracks IPOs.

"An awful lot depends on the quality of the deal. It's a market of haves and have-nots," said John Fitzgibbon, president of research site IPOScoop.com.

Ruckus Wireless Inc. will give the market another chance to get back on track later this week. The Sunnyvale, Calif., company makes products it says help wireless Internet providers and other businesses strengthen their Wi-Fi service as increased traffic challenges the limits of existing infrastructure.

Ruckus's $120 million offering is slated to list on the New York Stock Exchange on Friday under the ticker symbol "RKUS."

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